SMALL CONSUMER LOANS
We have not had the opportunity to examine this loan book which we understand in the main comprises small loans to low net worth individuals who have difficulty obtaining credit elsewhere. Whilst there is £12 million outstanding this is not an attractive portfolio for a sale and we anticipate it may take some time to achieve a sale at a reasonable figure.

CONSUMER LOANS
The company acquired this business in 2001. It operates as a stand alone company in the consumer loan field. It should be possible to negotiate a trade sale of the business. The current loan book outstanding is in the order of £ 11million We have not had the opportunity to examine the quality of the loans.

COMMERCIAL LOANS
The balances outstanding are £3 million. Whilst the loans are described as secured, our examination of the book reveals what might be regarded as high risk lending, and we therefore believe in reality a proportion may be effectively unsecured.